RP stocks fall on overseas market weakness

Philippine share prices continued falling on Wednesday with investors opting to sell due to overall market weakness overseas, analysts said. The 30-company Philippine Stock Index slipped 30.12 points or 0.85 percent to 3,510.49 while the all-share index fell 23.30 points or 1.08 percent to 2,140.43. This as Wall Street sank overnight after minutes from the Federal Reserve's last meeting gave investors little hope that the central bank will lower interest rates to keep the slumping housing market from weighing on the economy. The Dow Jones industrial average fell more than 100 points. “The market slipped on the back of continuation selling pressure from yesterday. The decline was led by the industrial and mining sub-indices," Grace Cerdenia, managing director of online stock brokerage firm 2TradeAsia, said. Telecommunications giant Philippine Long Distance Telephone Co. gained P5 or 0.17 percent at P3,020. Geothermal power producer PNOC-Energy Development Corp. plunged P0.70 or 10 percent to P6.30. Developer Ayala Land Inc. was unmoved at P16. Ayala Corp., the country's largest conglomerate, slipped P5 or 0.88 percent to P565. Lopez-led utility Manila Electric Co. lost P1.50 or 2.11 percent at P69.50. Losers whipped gainers 80 to 24 while 58 stocks remained flat. Volume traded reached 2.37 billion valued at P3.8 billion. - Cheryl Arcibal, GMANews.TV